Zoo Digital Looks to Future Following the End of Hollywood Strikes
ZOO Digital Group plc has today announced half year results for the period ending 30 September 2023. Revenues decreased by 58% to $21.4m mainly due to the actors and writers strikes in Hollywood. The resolution of these in recent months points to a brighter furute for Zoo, with Stuart Green commenting:
Stuart Green, CEO of ZOO Digital, commented:
“The year to date has been overshadowed by the first joint strike of Hollywood actors and writers in more than 60 years. This temporary disruption has had a significant impact across our sector and the wider media and entertainment industry, resulting in artificially low production volumes in the short-term. While this has had a significant impact on our financial performance, we have taken targeted measures to conserve cash while positioning the business to recover rapidly once orders return to more usual levels.
“As the streaming industry focuses increasingly on profitability, we are already seeing evidence that major buyers are relying on fewer vendors and prioritising those with end-to-end capacity and scale. This puts ZOO in a strong position to process higher volumes of work from customers over time, particularly as we make strategic investments in customers’ high-priority growth regions.
“With the resolution of the strikes, we look to the future with optimism and anticipate a phased return of orders in the second half, accelerating into FY25. We remain confident in the industry’s long-term structural growth drivers and our role as a trusted partner to many of the world’s largest entertainment companies.”
In the TV interview below CEO Stuart Green provides an overview of the 6 months to 30 September 2022 and an outlook for the group